Axis Capital Holdings Stock Earnings Reports

AXIS Capital reported a strong third quarter 2025 driven by continued profitable growth across its insurance and reinsurance businesses. Key financials: diluted book value per share rose 14% to $73.82, operating ROE was ~18% annualized, operating EPS was $3.25 (up 20% YoY), gross premiums written were $2.1 billion (up ~10% YoY) with insurance at a record $1.7 billion, and a consolidated combined ratio of 89.4%. Insurance delivered robust underwriting performance (insurance combined ratio 85.9%, current accident year ex-cat combined ratio ~83.3% in insurance segment) with strong growth in lower middle market, professional lines, and select property businesses; cyber remains competitive and selective. Reinsurance produced a 7th consecutive profitable quarter with conservative underwriting and a combined ratio of ~92.2%. AXIS is investing heavily in technology, data and AI (accelerating a previously disclosed $100M modernization commitment) to drive underwriting efficiency and scalability; early productivity metrics are positive. Management is expanding third-party capital initiatives (launched AXIS Capacity Solutions; first transaction: RAC Re with Ryan Specialty) and will retain roughly one-third of premiums from that vehicle. Capital: strong cash generation and investment income; $600M of buybacks year-to-date, $105M dividends, and a new $400M repurchase authorization. Management emphasized disciplined underwriting, vigilance on reserving (reported $19M reserve release in Q3, short-tail driven), comfort with reserve adequacy, and opportunistic/priority-driven use of capital (fund profitable growth, invest in platform, opportunistic buybacks).